Registered Charity No 1211252
Wycombe Abbey Foundation
Annual Report and Financial Statements
for the Period 4 December 2024 to 31 August 2025

WYCOMBE ABBEY FOUNDATION
Contents
Report of the Trustees
1 to4
Statement of Trustees, Responsibilities
Independent Auditor's Report
6t08
Statement of Financial Actrvities
Balance Sheet
10
Notes to the Accounts
11 to14

WYCOMBE ABBEY FOUNDATION
Report of the Trustees
For the Perlod 4 December 2024 to 31 August 2025
Trustees
During the period and up to the date of signing thi5 report were as follows..
Amanda Gibbon
Patrick Lewis
David Lillycrop (Chair)
Lady Sassoon
Prfnclpal Address
Wycombe Abbey,
Frances Dove Way.
High Wycombe,
Bucks,
HP11 1PE
Auditors
Haysmac LLP,
10 Queen Street Place,
London,
EC4R 1AG
Investsment Managers
CCLA Investment Management Limited,
One Angel Lane,
London,
EC4R 3A8
Bankers
Lloyds Bank Plc,
27-31 White Hart Street
High Wycombe,
Bucks,
NP11 2HL
Page I

WYCOMBE ABBEY FOUNDATION
Report ofthe Trustees
For the Period 4 December 2024 to 31 August 2025
(continued)
In Play 2025, the board of trustees of The Wycombe Abbey School Foundation (charity number 3106381 voted to
transition The Wycombe Abbey School Foundation (charity number 3106381 to an incorpordted body in the form
of a Charitable Incorporated Organisation (CIO). Wycombe Abbey Foundation was incorporated on 4 December
2024 and the assets of The Wycombe Abbey School Foundation were transferred on 22 May 2025.
The Trustees of Wycombe Abbey Foundation I the Foundation") present their first report for the period ended 31
August 2025 under the Charities Act 2011, together wtth the audited accounts for the year, and confirm that they
comply with the requirements of the Act, the Constitution and Accounting and Reporting by Charities.. Statement of
Recommended Prartice applicable to charities preparing their accounts in accordance with the Financial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 january 2019).
STRUCtURE GOVERNANCE AND MANAGEME
GovemSng Document
The Foundation is a charitsble incorporated organisation (CIO) and is controlled by tts goveming document the
Constitution, dated 4 December 2024.
Its 501e member is Girls, Education Company Limited - Charity number 310638, Company number 47031 1"the
School")
Recrultment and Trdlnlng of Trustees
The Trustees are appointed by the Trustee Body for a term of four ye3rs. The appointment is subjert to prior
approval of Girls, Education Company Limited. There must be at least three Trustees. It is the Trustees, policy that
newly appointed Trustees are inducted into the workings of the Foundation and that Trusteeg undergo relevant
training as appropriate. The Foundation did not have any employees during the period.
Fusk Management
The Trustees have a duty to identify and review the risks to wthich the charty is exposed and to ensure appropriate
controls are in place to provide reasonable assurance against fraud and error.
The Foundation relies on the investment return to fund dornations for bursaries. The key risk to the long-term
sustainability of the Foundation is inflation, and the assets should be invested to mitigate this risk over the long term.
This risk is mitigated by having investments that are concentrated in real a55ets. There may be some volatility of the
capital value olthe investment but the Foundation should Still be able to meet its donation aims through either income
or liquid capital assets.
Another key risk that the Trustees acknowledge concerns the corporate governance of its investments. This is managed
by delegating the exercise of voting rights to the investment manager5, who exercise this right in accordance with their
own published corporate governance policies. The investment managers are also held responsible for engaging with
and monitoring inve5tee companies and exercising voting rights where applicable. The Trustees expect the fund
managers to use their discretion to act in the long-tem) financial intere¥ts of the Foundation.
PaEe 2

WYCOMBE ABBEY FOUNDATION
Report of the Trustees
For the Period 4 December 2024 to 31 August 2025
(conlnued)
OBjE￿1VE AND A￿￿rrIEs
Charitsble Objects
The objert of the Foundation is the advancement of education by the provision of fundin& assistance and support to
Wycombe Abbey and any other Khools operated by Girls, Education Company Limiced.
Public Bene
The Foundation is mindful of its commitment to public benefit and Trustees have had due ￿gard for the Charity
Commission's public benefit guidance when making decisions in how best to achieve itg object. Through the grants that
the Trustees make available, the Foundation aim5 to widen access to independent gecondary education by providing
bursary funding.
Fundraising and Future Plans
During the year, fundoising activity was carried out through the School, but with the formation of the Foundation it is
intended that all future fundraising artiwty will be channeled through the Foundation. Funds raised for in-year bursarie5
or for on-going capitsl projects will be donated back to the School with the appropriate restriclions on expenditure.
Any donations received into the Foundation to fund future bursaries will be added to its investments.
Proflt on the School's international operations is now in excess of £1 m per annLJm and there are plans to grow this
significantly in future year5. As part of its Bursary Strategy, the khool has indicated that 30% of the annual profit will
be transferred to the Foundation each year to add to its existing restricted as5et5 in support of burs3ries.
FINANCIAL REWEW
Financia Results
Total movement in funds during the year was £10.029,822.13rgely due to the transfer of asset5 from the Wycombe
Abbey School Foundation totaling £9.519,303. Donations of 1392,466 from the School We￿ reported during the
period and income from investments and bank interest amounted to £37,214. Expenditure of £4,440 was entirely
as a result ol remuneration to auditors.
Investment Pollcy
The Trustees, who have absolute dIsC￿tion under the terms of the ConstituLion to invest the reserve5, Strictly observe
the limitation of the Trustee Investment AcL5. Monies specifically donated for bursaries are held for that purpose in
managed funds by CCLA. Trustees aim to generate a tota return of 3% to 4% per annum whilst maintaining the value
of the fund, and following the guidelines specified in the Ethical Investment Policy adopted by Girls, Education
Company Limited.
The portfolios managed by CCLA were transferred from the Wycombe Abbey School Foundation in lune 2025. The
total return gener7ted by the assets held with CCLA during the whole of the 2024125 financial year was -1.2%
compared to a targeted return of 6.7% (being CPl+3%1. However, the funds are invested lor the long term and over
a 5-year period the total return on the portfolio wa5 32.8% compared to a target of 31.3%.
Reserves Poliry
The Foundation s total reserves of £10,029,822 at the year-end were constituted entirely of restricted funds. The
Foundation does not seek to carry significant levels of free reserves as there are minimal operating costs.
Page 3

WYCOMBE ABBEY FOUNDATION
Report Df the Trustees
For the Perlod 4 December 2024 to 31 August 2025
(cOn￿n￿ed)
ACHIEVEMENTS AND PERFORI4ANCE
The Fouiidaiion did nol make any chariiable donatioiis during Ilie period and no fuiidraising Jciivi:y was carried
out. However. a portion Df dividends from investments were donated Lo the School Ikirough the W>rombe Abbey
School Foundation 111 support ol the aims of the Foundatson.
ONBE
-F QF THE TRUSTEES
O P Lillycrop
Chair ol Trustees
Fjate.
Pège 4

WYCOMBE ABBEY FOUNDATION
Statement Of Tnjstees, ReSPon￿billbeS
The Trustees are responsible for preparing the Trustees Annual Report and the financial statements in accordance
th applicable law and United Kingdom Accounting Standards (Untted Kingdom Generally Accepted Accounting
Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each
financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and
application of resources of the Charity for that period. In preparing these financial statements, the Trustees are
required to..
select suitable accounting policies and then apply them consistently,
observe the methods and principles in the Charities SORP IFRS 1021.,
make judgments and estimates that are reasonable and prudent
stste whether applicable accounting standards have been followed, subject to any material
departures disc105ed 3nd explained in the financial statements.,
prepare the Iinancial statements on the going concern basis unless tt is inappropri3te to presume
that the charity will continue in operation.
The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any
time the financial position of the charity and enable them to ensure that the financial statements comply with the
Charities Act 2011, the Charity (Accounts and Reports) Regulations 2￿8 and the provisions of the Constitution.
They are also responsible for safeguarding the assets of the Charity and hence for taking ￿asonable steps for the
prevention and detertion of fraud and other irregularities,
Page 5

INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES
OF WYCOMBE ABBEY FOUNDATION
Opinion
We have audited the financial ststements of Wycombe Abbey Foundation for the period ended 31 August 2025
which comprise the Statement of Financial Acrivities, the Balance Sheet and notes to the financial ststement5,
including a summary of significant accounting policies. The financial reporting framework that has been applied in
their preparation is applicable law and Unrfced Kingdom Accounting Standards, including Financial Reporting
Standard 102 The Finoncial Relx)rting Standard opplIcoble in the UK and Republic o(Irelond (United Kingdom Generally
Accepted Accounting Practice).
In our opinion. the financial statements..
give a true and fair view of the state of the charity's affairs as at 31 August 2025 and of the charity's net
movement in funds for the year then ended.,
have been properly prepared in accordance with Unrfced Kingdom Generally Accepted Accounting
Practice., and
have been prepared in accordance with the requirements of the Charities Act 2011.
BL%is for oplnlon
We have been appointed as auditor under section 144 of the Charttie5 Act 2011 and report in accordance wtth
the Act and relevant regulations made or having effecL thereunder. We condurted our audit in accordance with
International Standards on Auditing (UKI11SAs (UKII and applicable law. Our responsibilities under those Standards
are further described in the Auditor's responsibilities for the audit of the financial Statements section of our report.
We are independent of the charity in accordance wth the ethical requirements that are relevant to our audit of
the financial statements in the UK, including the FRC'5 Ethical Standard, and we have fulfilled our other ethica
responsibilities in accordance wrfch these requirements. We believe that the audit ewdence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to golng concem
In auditing the financial statements, we have concluded that the Tru5tees' use of the going concerned basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identilied any material uncertaintie5 relating to events or
condttions that, individually or collectively, may cast signrficant doubt on the charity's ability to continue as a going
concern for a period of at least tsvelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustee with respect to going concern are described in the
relevant sections of this reporL
Other Informauon
The trustees are responsible for the other information. The other inlomation comprises the information included
in the Report of the Trustees. Our opinion on the financial Statements does not cover the other information and.
except to the extent othepNise explicitly stated in our report, we do not express any form of assurance conclusion
the￿On.
Page 6

INDEPENDEW AUDITOPS. REPORT TO THE TRu￿EE5 OF
YCOMBE ABBEY FOUNDAfflON (Continued)
In connection with our audit of the financial statements, our responsibility is to read the other information and, in
doing 50, congider whether the other information is materially inconsistent with the financial statements or our
knowledge obtained in the audit or othewise appears to be materially misstated. If we identify such material
inconsistencies or apparent material misstatements. we are required to determine whether there 15 a material
misstatement in the financial ststements or a material mi55tatement of the other information.1f, based on the work
we have performed, we conclude that there is a material misstatement of this other infomiation. we are required
to report that fact We have nothing to report in this regard.
Matters on which we a￿ requ1red to report by excepuon
We have nothing to report in respect of the following matters in relation to which the Chartties (Accounts and
Reports) Regulations 2008 require us to report to you if. in our opinion..
adequate accounting records have not been kept by the charity., or
sufPicient accounting records have not been kept,. or
the charity financial statement5 are not in agreement with the accounting records and returns,. or
we have not ￿ceiVed all the information and explanations we require for our aLJdit.
Responslbillles of trustees for the flnancla1 ststements
Ag explained more fully in the trustees, responsibilities statement set out on page 4, the trustees are responsible
for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for
guch internal control as the trustees determine is necessary to enable the p￿ParatIOn of financial statements that
are free from material misstatement, whether due to fraud or error.
In preparing the financial ststements, the trustee5 are responsible for assessing the charity's ability to continue
a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of
accounting unlegs the trustees either intend to liquidate the charity or to cease operations, or have no realisLic
alternative but to do so,
Auditor's responsSblllfjes for the audtl of the financial ststements
Our objettwes a￿ to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatemen( whether due to fraud or error, and to issue an auditor s report that iniludes our
opinion, Reasonable assurance is a high level of assurance, but is not a guarantee that an audit condutted in
accordance with ISAS (UK) will always detert a material misstatement vthen it exists. Ni55t3tements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these financial statements.
Irregularitieg, including fraud, are instances of non-compliance with laws and regulations. We design procedures in
line with our regponsibilities, outlined above, to detect material misstatements in respert of irregularitie5, including
fraud. The extent to which our procedures a￿ capable of detecLing irregularities, including fraud is detailed below.
Based on our understanding of the charity and the environment in which it operates, we identified that the principal
risk5 01 non-compliance with laws and regulations related to Charity Law, and we considered the extent to which
non-compliance might have a material effert on the financial gtatements. We also considered those laws and
regulations that have a direct impatt on the preparation of the financial ststements such as the Charities Act 2011
and Charities SORP {FR51021.
Page 7

INDEPENDENT AUDITORS, REPORT TO THE TRUSTEES OF
WYCOMBE ABBEY FOUNDATION (COn￿nUed)
We evaluated management'5 incentives and opportunities for fraudulent manipulation of the financial statements
(including the risk of override of controls), and determined the principal risk was related to posting inappropriate
journals to income. Audit procedures performed by the engagement team included..
Enquiries of management regarding correspondence with ￿gulatorS and tax authorities.,
DiscLJS5ions with management including consideration of known or suspecLed instsnce5 of non-compliance
with laws and regulation and fraud.,
Evaluating management'5 controls designed to prevent and detert irregularities., and
Reviewing and testing journal entries made in the year, particularly those made as part of the year-end
financial reporting process.
Because of the inherent limitations of an audi( there is a risk that we will not detect all irregularities, including
those leading to a material misststement in the financial statements or non-compliance with regulation. This risk
increases the rnore that compliance with a law or regulation is removed from the events and transactions reflerted
in the financial statements, as we will be less likely to become aware of instsnies of non-compli3nce. The risk is
also greater regarding irregularities occurring due to fraud rather than error, as fraud inVo￿e$ intentional
concealment, forgery, collusion, omission or mIs￿Presentation,
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at.. wvM.fi-c.or
.uklauditoi'si-es
onsibilities. This description forms part of our auditor's
report
Use of our report
This report is made solely to the charity's trustee5, as a body, in accordance with section 144 of the Charities Act
2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might
state to the charity's trustees those matters we are ￿qUired to state to them in an Auditor's report and for no
other purpose. To the fullest extent permttrLed by law. we do not accept or assume responsibilty to anyone other
than the charity's trugtees as a body for our audit work, for this report, or for the opinions we have formed.
Haysmac LLP
Statutory Audito
10 Queen Street Place
London
EC4R 1AG
0210412026
Haysmac LLP is eligible to art as an auditor in terms of section 1212 of the Companies Act 2006.
Page 8

WYCOMBE ABBEY FOUNDATION
STATEMEW OF FINANc￿L ACTVITIES
FOR THE PEWOD ENDED 31 AUGUS[ 2025
Note
2025
Income
Donations and legacies
Income from investments..
Income from equities and other investments
9,911.769
37,214
9,948,982
Expenditu
Expenditure on charitable artivitie5
(4,440)
{4,440)
Net Income before galns and1055es on Investments
9,9H,542
Investment gains
Net movement in funds
85,280
10.029.822
Reconclliation of funds
Balance At 1 September 2024
Balance At 31 August 2025
10,029.822
All actixities were continuing in 2025. No gains or losses have been recognised during the year except thoge included
above.
Page 9

YCOMBE ABBEY FOUNDATION
BALANCE SHEEr
AS AT 31 AUGUST 2025
2025
Note
Fixed asset investments
5,570,529
Current assets
Debtors
Cash at bank
4,355,790
107,943
4,463,733
Credrtors.. amounts falling due within one year
Net current assets
14,4401
4,459,293
Net assets
10,029,822
Funds
Restrirted funds
Tot￿ fijnds
10,029,822
10,029,822
The notes on pages 11 to 14 form part of the accounts.
Thes
ounts were approved by the Trustees on
D P Lillycrop
Chair of Trustees
Page 10

WYCOMBE ABBEY FOUNDATtON
Notes to the Accounts
For the Period 4 December 2024 to 31 August 2025
GENERAL INFORNATION
a) Wycombe Abbey Foundation is a charity registered in England & Wales. The address of it5 registered office is
Wycombe Abbey School, Frances Dove Way, High Wycombe, Buckinghamshi￿, HP11 1 PE.
AccouwfiNG POLICIES
al AccoLJnting convention5
The financial statements have been prepa￿d in accordance with Accounting and Reporting by Charities".
Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 20191
(Chartties SORP IFRS 10211, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS
102)
The Wycombe Abbey School Foundation meets the definition of a public benefit entity under FRS 102. A5set5 and
liabilities are initially recognised at historical cost or transaction value unless otheDNiSe stated in the relevant
accounting policy notes.
bl Fund accounting
Unrestricted funds are available for use at the discretion of the Trustee5 in furtherance of the general objects of
the charity and which have not been designated for other purposes.
Restrirted fundg can only be used for particular restricted purposes within the objects of the Charity. Restrirtions
arise when specified by the donor or when funds are raised for particular restricted purposes.
cl Income
Donations, legacies and similar income are included in the year when the charity becomes entitled to the income,
it is probable that the income will be received, and the amount of income receivable can be measured reliably.
dl Expendlture
All expenditure ig included on an accruals basis and has been classified under headings that aggregate all costs
related to the category. Where costs cannot be dirertly attributed to partiCLJlar heading5, they have been
allocated to activities on a bagis consistent with use of the resources.
e) Investments
Investments held as fixed assets are revalued at mid-market value at the balance sheet date and the gain or105S
taken to the statement of financial activities.
Investment management expenses represent those fee5 charged individually during the year. Some fees are
charged at fund level and so are not disclosed separately.
n Level of Accurncy
The figures in these accountg are reported to the nearest £1.
Page 11

WYCOMBE ABBEY FOUNDATION
Notes to the Accounts
For the Period 4 December 2024 to 31 August 2025
(conlnued)
DonaJons
202S
Donations
Transfer of 3S5ets and liabilttie5 from Wycombe Abbey School Foundation
392.466
9,519,303
9,911,769
On 22 May 2025, a resolution was passed to transfer the net assets of Wycombe Abbey School
Foundation to the Foundation.
EXPend￿re On Chadtsble Activ[￿e5
Governance costs- Auditors, remuneration
4,440
The charity did not have any employees in the period.
Pixed Asset Investments
Market value at 1 September
Additions
Disposals
Transfer
Investment gainlllossl
Market v￿ue at 31 August
5,485,249
85,280
5.570,529
Ana￿sIS of investments by category of hoLdSng.
CCLA Charity Investment Fund and Global Equity Fund
Market vlue at 31 Au8USt
5,570,529
5,570,529
Cost of investrents held at lun-25
5,531920
The investments are held to generdte an investment return for the FoundatlDn
Page 12

COMBE ABBEY FOUNDATION
Notes to the Accounts
R)r the Period 4 Decemtser 2024 to 31 Augurt 2025
(continLJed)
Debtors
Amounts owed from Wycombe Abbey School Foundation
Amounts owed from parent company
3,962,324
392,466
4,355.790
Credftors.. Amounts falllng due wlthln one year
Accruals
4,440
Restricted Funds
2025
Fund5 at 4 December 2024
Income
Expenditure
Investment gain
Funds at 31 Augurt 2025
9,948,982
{4,4401
85,280
10,029,822
Represented by.
Fixed asset investments
Current assets
Current liabilities
Funds at 31 August 2025
5,570,529
4,463,733
(4,4401
10.029.822
Funds a￿ restricted and seek to expand the opportunbties to allow girls, whose families could not otherwise afford
the full cost of a boarding school, to benefit from a Wycombe Abbey education.
Page 13

WYCOM8E ABBEY FOUNDATION
Note5 to the AccoLJnts
For the Perfod 4 December 2024 to 31 Au8USt 2025
(continued)
Related Party Transactions
At the end of the period, funds owed to the Foundation from Girls Education Company Ltd were £392,466. Funds
owed to the Foundation by Wycombe Abbey School Foundation were 13,963,324 at the end of the period.
There were no related party transactions between the Foundation and the Trustees.
Some costs of the Foundation are borne on its behalf by Girls Education Company Limited. These include the salary
costs of School staff who administer the Foundation alongside their main duties for the School and some 5UPPOrt
costs. No recharge of these costs is made to the Foundation on the bagis that they are incidental to other attivities
undertaken by Girls Education Company Limited and are not capable of separate estimation.
10 Parent Company
The sole member of the Foundation is Girls Education Company Limited (Charity number 310638., company number
470311. a charitable company registered in England & Wales, and its accounts are consolidated Mqthin the accounts of
Girls, Education Company Limited.
The most senior parent entity producing publicly available financial statements is Gir15' Education Company Limited.
These financial statements are available upon request from Girls. Education Company Limited, Wycombe Abbey
School, Frances Dove Way, High Wycombe. Bucks. HP11 1 PE.
11 Trustees
No Trustee received any ￿muneratIon or re1mbu￿eMent of expenses in the period.
12 Port Balance Sheet Events
As at 31 August 2025, investment5 held with CCLA valued at £5,485,249 had been transferred froni The Wycombe
Abbey School Foundation (Charity Number 310638) to the Foundation. On 13 November 2025, confirmation was
received from Rathbone5 Investment Management that investment assets of £3,926,119 had been transferred from
The Wycombe Abbey School Foundation. Cash of £37,205 was also transferred.
Page 14